If you run your own business, you could probably benefit from opening a specialist, dedicated current account for your company. Offered through all of the usual banks and building societies such as Barclays, Lloyds, Natwest, Santander and more along with specialist providers, business bank accounts offer debit cards, overdraft facilities, cheque books and automated payments such as direct debits and standing orders, just like a personal account does.
Over and above this, a business bank account usually offers a range of additional benefits. These can include change facilities, the option of a much higher overdraft, access to business guides and training materials, the use of communal meeting rooms and business-class travel facilities, foreign exchange rate discounts, fast international payments and insurance.
Although there is no legal obligation for companies to hold an actual business bank account, it is vital that the business's monetary affairs are kept separate from personal ones. However, if you are a start-up company or you work as a sole trader and do not think you need any of the additional benefits that a business account offers, a separate personal account will suffice.
Anybody that runs a company of any size is usually eligible to apply for a business bank account, though credit rating restrictions will apply. Some banks provide different accounts depending on the size or type of the business.
The most basic business banking accounts are free. For anything more complicated you'll pay either a flat monthly fee, pay-as-you-go by the transaction or a mixture of both.
Click here to find out more about business bank accounts with Know Your Money's guide.
Financial Conduct Authority (FCA) - The UK financial regulator's website features lots of useful information for banking customers covering everything from knowing your rights to how to stop unauthorised payments.
Financial Service Compensation Scheme (FSCS) - The FSCS is the best place to find out if your bank is covered by the compensation scheme and for advice on making a claim.
Financial Ombudsman Service - If you've complained to your bank and are still having ongoing problems then the Financial Ombudsman is the next step - their website covers everything you need to know about making a complaint.
Money Advice Service - The government's Money Advice Service provides unbiased advice on choosing, opening and managing a current account.
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